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Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the chief executive officer.

The Company has three reportable segments, Control Devices, Electronics and Stoneridge Brazil, which also represent its operating segments. The Control Devices reportable segment produces actuators, sensors, switches and connectors. The Electronics reportable segment produces driver information systems, camera-based vision systems, connectivity and compliance products and electronic control units. The Stoneridge Brazil reportable segment designs and manufactures vehicle tracking devices and monitoring services, vehicle security alarms and convenience accessories, in-vehicle audio and infotainment devices and telematics solutions.

The accounting policies of the Company’s reportable segments are the same as those described in Note 2. The Company’s management evaluates the performance of its reportable segments based primarily on revenues from external customers, capital expenditures and operating income. Inter-segment sales are accounted for on terms similar to those to third parties and are eliminated upon consolidation.

The financial information presented below is for our three reportable operating segments and includes adjustments for unallocated corporate costs and intercompany eliminations, where applicable. Such costs and eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as accounting/finance, executive administration, human resources, information technology and legal.

​

A summary of financial information by reportable segment is as follows:	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
December 31,	​	2021			2020			2019
Net Sales:	​	​	​	​	​	​	​	​	​
Control Devices	​	$	355,775	​	$	342,576	​	$	431,560
Inter-segment sales	​	​	3,502	​	​	5,475	​	​	6,438
Control Devices net sales	​	​	359,276	​	​	348,051	​	​	437,998
Electronics	​	​	357,910	​	​	257,767	​	​	335,195
Inter-segment sales	​	​	26,192	​	​	24,027	​	​	33,735
Electronics net sales	​	​	384,103	​	​	281,794	​	​	368,930
Stoneridge Brazil	​	​	56,777	​	​	47,663	​	​	67,534
Inter-segment sales	​	​	-	​	​	-	​	​	6
Stoneridge Brazil net sales	​	​	56,777	​	​	47,663	​	​	67,540
Eliminations	​	​	(29,694)	​	​	(29,502)	​	​	(40,179)
Total net sales	​	$	770,462	​	$	648,006	​	$	834,289
Operating Income (Loss):	​	​	​	​	​	​	​	​	​
Control Devices	​	$	54,933	​	$	22,072	​	$	73,327
Electronics	​	​	(12,502)	​	​	(3,672)	​	​	25,006
Stoneridge Brazil	​	​	995	​	​	3,766	​	​	6,539
Unallocated Corporate (A)	​	​	(28,015)	​	​	(29,830)	​	​	(33,591)
Total operating income (loss)	​	$	15,411	​	$	(7,664)	​	$	71,281
Depreciation and Amortization:	​	​	​	​	​	​	​	​	​
Control Devices	​	$	15,351	​	$	15,377	​	$	13,397
Electronics	​	​	12,487	​	​	10,501	​	​	9,872
Stoneridge Brazil	​	​	3,856	​	​	4,766	​	​	6,338
Unallocated Corporate	​	​	2,134	​	​	2,086	​	​	1,252
Total depreciation and amortization (B)	​	$	33,828	​	$	32,730	​	$	30,859
Interest Expense (Income), net:	​	​	​	​	​	​	​	​	​
Control Devices	​	$	132	​	$	173	​	$	172
Electronics	​	​	462	​	​	320	​	​	162
Stoneridge Brazil	​	​	(1,353)	​	​	(4)	​	​	167
Unallocated Corporate	​	​	5,948	​	​	5,635	​	​	3,823
Total interest expense, net	​	$	5,189	​	$	6,124	​	$	4,324
Capital Expenditures:	​	​	​	​	​	​	​	​	​
Control Devices	​	$	9,154	​	$	11,760	​	$	12,646
Electronics	​	​	9,735	​	​	11,617	​	​	15,476
Stoneridge Brazil	​	​	2,918	​	​	2,839	​	​	5,003
Unallocated Corporate(C)	​	​	1,142	​	​	1,444	​	​	2,699
Total capital expenditures	​	$	22,949	​	$	27,660	​	$	35,824
​	​	​	​	​	​	​	​	​	​

​

​	​	​	​	​	​	​
​	​	​		​	​
December 31,	​	2021			2020
Total Assets:	​	​	​	​	​	​
Control Devices	​	$	181,968	​	$	194,433
Electronics	​	​	338,080	​	​	303,914
Stoneridge Brazil	​	​	59,100	​	​	61,350
Corporate (C)	​	​	438,175	​	​	390,851
Eliminations	​	​	(351,924)	​	​	(329,140)
Total assets	​	$	665,399	​	$	621,408

​

The following table presents net sales and long-term assets for the geographic areas in which the Company operates:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
December 31,	​	2021			2020			2019
Net Sales:	​	​	​	​	​	​	​	​	​
North America	​	$	386,944	​	$	330,528	​	$	457,633
South America	​	​	56,777	​	​	47,663	​	​	67,534
Europe and Other	​	​	326,741	​	​	269,815	​	​	309,122
Total net sales	​	$	770,462	​	$	648,006	​	$	834,289

​

​	​	​	​	​	​	​
​	​	​		​	​
December 31,	​	2021			2020
Long-term Assets:	​	​	​	​	​	​
North America	​	$	91,039	​	$	110,330
South America	​	​	30,272	​	​	33,785
Europe and Other	​	​	133,264	​	​	142,629
Total long-term assets	​	$	254,575	​	$	286,744

(A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation.

​

(B) These amounts represent depreciation and amortization on property, plant and equipment and certain intangible assets.

​

(C) Assets located at Corporate consist primarily of cash, intercompany receivables, fixed and leased assets for the headquarter building, information technology assets, equity investments and investments in subsidiaries.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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